India's Wearables Market Grows a Record 20 pc in Q1

The outlook for 2022 remains strong as wearables will try to attract users in Tier II and Tier III cities.
India's Wearables Market Grows a Record 20 pc in Q1

The Indian wearables market has shipped 13.9 million units in the first quarter (Q1), up 20.1 percent (on-year). Moreover, the outlook for 2022 remains strong as wearables will try to attract users in Tier II and Tier III cities.

Also, the average selling price (ASP) of the overall category declined 17.1 percent YoY primarily due to a stronger decline in the ASP of watches, according to a report by market intelligence firm IDC India. 

"With the continuing push from the brands, Q2 (April-June period) is expected to see healthy YoY growth. The aggressive offers, sales, and marketing around the festive season in 2H22 (July-December) are expected to continue this growth momentum through the year for the wearable device categories," said Upasana Joshi, Research Manager, IDC India.

"Aggressive discounts, new features, and a strong push from brands and channel partners are encouraging consumers to upgrade and spend more on wearable watches," said Anisha Dumbre, Senior Market Analyst - Client Devices, IDC India.

According to Joshi, with the performance-linked incentive (PLI) scheme for wearables announced by the government, "key players in the ecosystem have begun foraying into local manufacturing of these devices and launching 'Made in India' products, possibly leading to further lowering of the ASPs."

BoAT remains the top player in India thanks to its wide portfolio of earwear devices, followed by Noise and OnePlus.

REA MORE: Retail Businesses Grow 23 pc in April

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